§ 57112. Requirements for purchasing federally auctioned vessels

200 words·~1 min read·/usc/title-46/section-57112

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(a)In General.— To be eligible to purchase a covered vessel from the Federal Government, a person shall provide proof of—

(1)liability insurance for the operator of such covered vessel;

(2)financial resources sufficient to cover maintenance costs of such covered vessel; and

(3)with respect to a covered vessel requiring documentation under chapter 121, an admiralty bond or stipulation.

(b)Covered Vessel Defined.— In this section, the term “covered vessel” means—

(1)a government owned vessel disposed of in accordance with this part and section 548 of title 40;

(2)a vessel seized or forfeited pursuant to any law, and auctioned by the Federal Government, including a vessel seized or forfeited pursuant to section 7301 or 7302 of the Internal Revenue Code of 1986; or

(3)a fishing vessel seized or forfeited pursuant to section 310 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1860).

(Added Pub. L. 118–159, div. C, title XXXV, § 3532(a), Dec. 23, 2024, 138 Stat. 2312.)

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public-private-law

Public Law 118-159
Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025

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U.S. Code

public-private-law

Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025
Public Law 118-159

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138 Stat. 2312

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§ 57112

Requirements for purchasing federally auctioned vessels

Pub. L.×1

U.S.C.§ 548

U.S.C.§ 1860

Pub. L.Public Law 118-159

Stat.138 Stat. 2312

Cites 4Cited by 1 across 1 source